This paper mainly concentrates on the thermal conductivity and photo-thermal conversion performance of polyethylene glycol (PEG)/graphene nanoplatelets (GNPs) composite phase change materials (PCMs). The temperature-assisted solution blending method is used to prepare PCM with different mass fraction of GNPs. According to the scanning electron microscope (SEM), GNPs are evenly distributed in the PEG matrix, forming a thermal conduction pathway. The Fourier transform infrared spectra (FT-IR) and X-ray diffraction (XRD) results show that the composites can still inherit the crystallization structure of PEG, moreover, there are only physical reactions between PEG and GNPs rather than chemical reactions. Differential scanning calorimeter (DSC) and thermal conductivity analysis results indicate that it may be beneficial to add a low loading ration of GNPs to obtain the suitable latent heat as well as enhance the thermal conductivity of composites. To investigate the change in the rheological behavior due to the effect of GNPs, the viscosity of the composites was measured as well. The photo-thermal energy conversion experiment indicates that the PEG/GNPs composites show better performance in photothermal energy conversion, moreover, the Ultraviolet-visible-Near Infrared spectroscopy is applied to illustrate the reasons for the higher absorption efficiency of PEG/GNPs for solar irradiation.